How to Make Money While You Sleep Series - Part I

Updated on June 19, 2013

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Make Money While You Sleep

Wouldn’t be great if every time we go to sleep our money would produce 100 fold profits so that by morning our investment, of say, $100 had increased to $1000? Yes, of course it would be great, but in reality it rarely happens, unless you are some super smooth trader who knows and invests on an assured stock on the trading markets.

In this ‘How to Make Money While You Sleep Series’ I may not be able to show you how to increase your money 100 fold, but I will be able to show you how you can make money while you sleep, and earn a decent income that could enable you to give up the day job, work on your own terms and fulfil your dreams.

This series will teach you the step-by-step process that is required to set-up a successful Internet business. You will find out about the different internet tools and innovative software that will make your work easier, marketing techniques that will attract attention to your business and develop your brand, search engine optimization and most importantly, how to drive traffic to your website.

Let’s get started with the first step in the series ‘finding a marketable niche market’.

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Find a Marketable Niche Market

What is a marketable niche market? It is a focussed, targetable market made up of a group of people with similar interests (a portion of the market).

Before choosing your niche market you will have to carry out some research into whether or not the product you want to sell is a viable item that will bring in profits. For example, there is no point in choosing a niche because you like it. Suppose you like cross-stitching and want to base your product or service on this niche. It will not be of any use or benefit to you if the cross-stitching niche only has a handful of people.

That’s why research is crucial to your future business.

What you must search for is something that requires a solution for which people are prepared to pay. It could be a problem that needs solving, e.g. weight loss requires some method that is going to help the recipient lose weight. However, it doesn’t always have to be a problem; it could be that the niche desires a particular product or service, e.g. the desire to purchase hair extensions to enhance their look.

So, the first rule is, do not follow a hunch or something you like but instead carry out research to find your niche.﻿

How to Research a Niche

Right, the next step in finding a niche market of people who are going to purchase your product or service is to find keywords that are relevant to your product or service.

It is important to choose the right keywords so that when prospective customers seek information on the internet they will come across your website.

There are a couple of tools that will help you identify the most appropriate keywords for your niche market; Wordtracker and Google's keyword tool.

Wordtracker is a brilliant keyword research tool that can help to bring more traffic to your website as well as help you understand your niche market and whether or not the niche you’ve chosen is worth it. Wordtracker is a subscription service which costs $449 annually or $69 monthly. There is also a 7 day free trial version.

Google’s keyword search tool is free and gives you stats on how many times a keyword or phrase has been searched globally and locally.

These types of keyword tools will help you to disregard ideas that are not really viable for the time and effort you are going to put into your business. You might think you have a great idea but if there is no-one searching for it, it will be a waste of time and money investing in it.

What you need to find are keywords and phrases that lots of people are looking for but has very little completion. Google actually tells you whether the keyword you’ve typed in has high, medium or low competition. Obviously, choosing a keyword with low competition means that there only a few other online businesses that provides the service or product relevant to the niche you wish to promote to.

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Searching for Keywords

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When searching for keyword or phrases you should follow certain guidelines to get a true picture of your niche. In the Google Keyword Tool:

Type in the keyword you want information on

Choose the country you wish to target

Choose the ‘exact’ key option. This gives you the true number of people searching for your keyword or phrase. Do not choose the ‘broad’ or ‘general’ options as they will give you an exaggerated number of searches which can appear for any search. For example, the phrase ‘chocolate cake recipe’ in a broad search will give you searches for ‘chocolate’ ‘cake’ and ‘recipe’ quadrupling the keyword result because it searched all three words. But if you search the same phrase in exact mode you would get the real number of people who searched for ‘chocolate cake recipe’.

Choose keywords that have a minimum count of 10,000 globally with low competition.

Choose long-tail keywords (phrases of 3-4 words) rather than single keywords.

Look at the websites that list for the keyword/phrase you want to use. This can give you ideas on how to how to display your website, plus you can see what the competition is doing.

Know Your Market

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This is essential. You must know your market. You can achieve this by researching online by visiting forums or groups who discuss the topic you have chosen. This is helpful because you will discover what‘s on your prospective customers’ minds, what they want, what they like or dislike and what their problems are.

By listening to the questions people in your niche are asking, you will get inside knowledge, which you can use to your advantage by providing the answer to their problems.

Keep Up-To-Date

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Keep yourself up-to-date on the latest that is going on in your market. Read online magazines (ezines), news and reviews in order that your product or service remains current.

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Comments 28 comments

editorsupremo 4 years ago from London, England Author

Thanks Sommer. I hope you enjoy the rest of the series.

SommerDalton 4 years ago

Voted up and useful!! Moving on to read the rest:)

editorsupremo 4 years ago from London, England Author

Thanks Angie, glad to know that my hub is clear and straightforward.

Angie Jardine 4 years ago from Cornwall, land of the eternally youthful mind ...

I've seen loads of similar hubs to this purporting to help you sell writing online but this is the most straightforward and clear of all of them.

Well done, editor ... it is really helpful. I'm off to read the rest of this series and then ponder about a niche. Many thanks ... and voted up.

editorsupremo 4 years ago from London, England Author

Thanks Kellyteam, your comment is much appreciated.

kellyteam 4 years ago from Michigan

Great hub! Detailed suggestions to help others get started right. Some people don't realize that their great idea is only great to them. Good work. Thanks! Thumbs up! Shared!

editorsupremo 4 years ago from London, England Author

Thank you sunasia22 for your support and vote.

editorsupremo 4 years ago from London, England Author

thecrazzykylex, I never meant to make it sound as it is easy and I'm sorry you thought that. In fact I was simply introducing to people who want to make money another method by which they can achieve their dreams. Making money while you sleep is not a quick fix or and overnight monetary success, but with dedication to following the steps you could be making decent money in 3 to 6 months.

sunasia22 4 years ago from Philippines

Sounds good and worth reading. Thank you for sharing this great hub. Looking forward for the second part. Voted up! Interesting and useful!

thecrazzykylex 4 years ago from Incredible India!

You made it sound so easy, but the truth is IT IS NOT THAT DAMN EASY! It takes a whole lot of time, probably years...

editorsupremo 4 years ago from London, England Author

Yeah Rusticliving, the more you sleep the more money you will make!!

Thanks for the support.

editorsupremo 4 years ago from London, England Author

Thanks for the support Christy.

Rusticliving 4 years ago from California

Great Hub! I think I need to sleep more often! lol I love tutorial and informative hubs. Perfect for my journal! Thumbs up! Lisa

ChristyWrites 4 years ago from British Columbia, Canada

A useful hub, I am glad I read it today! Thanks :) I vote up and will share too here and on Twitter.

editorsupremo 4 years ago from London, England Author

Thanks Arlene. Part II will soon be up!

Arlene V. Poma 4 years ago

Looking forward to Part II. Thank you for sharing your information. Kept a copy for me.

editorsupremo 4 years ago from London, England Author

Thank you Recently Awakened, there's lots more information to come so make sure you check back.

Recently Awakened 4 years ago

This is very good information for a newbie like myself. Voted up!!!

editorsupremo 4 years ago from London, England Author

Thank you rfmoran. It is true that people follow an idea without investigating it, and then wonder why their business fails. Choosing the correct niche is the foundation to any online business.

Thanks for the vote.

editorsupremo 4 years ago from London, England Author

It is only successful if we turn our dreams into reality!

editorsupremo 4 years ago from London, England Author

Thanks howlermunkey. Go over Part I again and test your keywords to check they are low in competition but with a high enough click through rate to make them worthwhile.

rfmoran 4 years ago from Long Island, New York

This is a truly excellent Hub. Many people come up with an idea without investigating whether it is a good idea or not. The niche is where the money is! Voted up and awesome.

editorsupremo 4 years ago from London, England Author

Yes, it does sound like a fairy tale and I can add that it has a happy ever after ending!!

Next lesson will be up soon and I hope you will be the star pupil!!

Thanks for the vote.

editorsupremo 4 years ago from London, England Author

Oh I'm sorry that what you like may not be the right thing. Did it not bring up good keyword results?

It won't be long, I'm working on Part II right now.

myownlife 4 years ago from london

Yes I totally agree, whatsoever we dream reality never gets out yet we keep on dreaming, it is a symbol of success as well

Cheers

howlermunkey 4 years ago from Tampa, FL

Thanks for this hub, Great Tips. I need to revisit my keyword strategy :)

fpherj48 4 years ago from Beautiful Upstate New York

very informative and interesting thus far......Making money while you sleep, sounds like the title of a Fairy Tale.....but I'm all ears...oops, all EYES, in this case. Always more than willing to listen, learn and try.

You certainly appear to be very knowledgeable. Count me in. I'll be a good student. Thank you...see you next class time. UP++

wetnosedogs 4 years ago from Alabama

I am glad to have read this as I see what I like may not be the right thing for future ventures. I am anxious to read your part two.